Shares of Baidu ( BIDU) tumbled more than 15% late Wednesday after the Chinese search company posted results that failed to wow investors.

For its second quarter ended June 30, the Beijing-based company made $7.3 million, or 21 cents a share, on sales of $24 million. Excluding costs such as stock-based compensation, profit was 26 cents. On that basis, analysts had expected profit of 18 cents on sales of $23.3 million, according to Thomson Financial.

Baidu, which recently signed a deal to preload its service onto Hewlett-Packard ( HPQ) PCs, expects third-quarter revenue of between $30 million and $31 million. That's above Wall Street's consensus of $28.9 million, according to Thomson Financial.

But Baidu's third-quarter revenue guidance, bullish as it seemingly was, calls for sequential revenue growth of 29%. That's down from the 41% sequential rise Baidu showed in the latest quarter.

"This is a classic case where top-line revenue growth matched expectations but didn't widely exceed it,'' says Andrew Collier, an analyst with New York Global Securities who has a buy rating on the stock and doesn't own it. "Investors were hoping for even more of a blowout quarter. It was still very solid earnings for the company."

U.S. investors have had high hopes for Chinese companies after being disappointed by results from Internet titans including Yahoo! ( YHOO) eBay ( eBay) and Amazon.com ( AMZN).

Before Wednesday's selloff, shares of Baidu had jumped 46%, outperforming Google ( GOOG) and other large-cap Internet stocks. Web demand in China is rising at a much faster rate than in the U.S., which is why U.S. investors are so attracted to these stocks.

Baidu shares last traded at $76.25, down $15.72.

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